HONG KONG -- WM Motor, a startup electric vehicle producer backed by Tencent Holdings and Baidu, has issued a recall for more than 1,000 vehicles after three caught fire within a month.
The news comes as a blow just a month after WM raised 10 billion yuan ($1.49 billion) from investors led by the Shanghai city government and state-owned carmaker SAIC Motor and amid local media reports that it has filed preliminary paperwork for an initial public offering on Shanghai's STAR Market.
